With the rising cost of real estate, many people feel that now is a good time to buy a home to ensure a good financial future. However, if you haven’t saved up enough money to make a down payment, it’s possible you may be considering whether or not you should borrow the funds. If you’re considering a loan from friends or family, here are some points you may want to think about before asking for a loan.
Thinking of Buying a Second Home? Assess Your Finances First
The decision to buy a second home may be made for a number of reasons. For example, you may have a destination where you and your family love to spend free time in, and you may be ready to settle into your own space in this location. You may be considering the tax benefits associated with a second home, and you may even have plans to live in the home as your primary residence after you retire.
What’s Ahead For Mortgage Rates This Week – August 29, 2016
Last week’s economic reports included readings on new and existing home sales, a speech by Fed Chair Janet Yellen, and a report on consumer sentiment. Weekly reports on mortgage rates and new jobless claims were also released.
Why Your ‘Debt-to-Income Ratio’ Number Matters When Obtaining a Mortgage
If you are looking to buy a home, you may want to consider shopping for a loan first. Having your financing squared away ahead of time can make it easier to be taken seriously by buyers and help move along the closing process. For those who are looking to get a mortgage soon, keep in mind that the Debt-to-Income ratio of the borrower plays a huge role in the approval of your mortgage application.
The Type of Home You Want to Buy Determines Your Closing Cost and Here’s Why
Savvy home buyers who are preparing to make a real estate purchase should do their research and understand that they need to save money for not only the down payment but the closing costs as well. The closing costs can account for as much as three to five percent of the sales price in some cases, so this can be a rather sizable amount of money. Some home buyers however, may not realize that the amount of closing costs can vary considerably based on the home that is purchased. With a closer look at why this is, home buyers can make a more educated decision when selecting a home to purchase.
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